Kevin O’Leary recently went on the Fox Business show “Maria Bartiromo’s Wall Street” to discuss the cost of housing, interest rates and taxes. He claimed that he could no longer afford to live in Boston and that he and many of his neighbors in Florida had moved from Boston because of taxes in Massachusetts.
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Here’s what he had to say about his reasons for moving and how they can affect you.
Also see O’Leary’s advice on when to buy a house.
Why Did Kevin O’Leary Move From Massachusetts to Florida?
O’Leary said he moved to Florida from Massachusetts — which he called “Taxachussets” — because of the state’s high taxes.
In 2022, Massachusetts residents approved a ballot measure that increases taxes on incomes of more than $1 million annually. Every dollar over $1 million would be taxed at 9% instead of 5%. According to the state government, that tax brought in an additional $1.8 billion and has been earmarked for investment in transportation and education, including giving a free school lunch to all middle-schoolers in the state.